Fastnet, Adriatic Take Celtic Sea License

Ireland has awarded Licensing Option 12/5, covering the offshore North Celtic Sea area, to a consortium of companies, it was announced Wednesday.

Adriatic Oil reported that it, along with Carob and Petro-Celtex Consultancy, were awarded the license – which includes part-blocks 49/18, 49/20, 49/23, 49/24 and 49/25 in the North Celtic Sea to the south of Ireland – by the Irish Department of Communications, Energy and Natural Resources. The firm also reported that it has agreed with Fastnet Oil & Gas to farm out the majority of its 80-percent interest in the license to Fastnet.

Under the terms of its farm-in, Fastnet must finance the acquisition and processing of some 75 square miles of new 3D seismic data over the area before Dec. 1, 2014.

The farm-out deal means that Fastnet will hold 82.35 percent of the license, while Adriatic will have 15.5 percent. Carob and Petro-Celtex both hold 1.075 percent.

Interest in the Celtic Sea has taken off since Providence Resources found up to 1.6 billion barrels of oil at its Barryroe discovery earlier this year.

 

 

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

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